23 Jul 2015
EUR/GBP returns to 0.7000, UK data eyed
FXStreet (Edinburgh) - EUR/GBP is trading in a tight range ahead of the opening bell in Europe, coming down to the 0.70 neighborhood after overnight tops around 0.7010/15.
EUR/GBP focus on UK data
Yesterday’s softer tone in the sterling during the second half of the session coupled with some EUR buying has collaborated in the recent upside from levels below 0.6970, although gains continue to be capped by the mid-0.70s for the time being.
Ahead in the day, UK retail sales will take centre stage, with consensus pointing to a monthly gain of 0.3% during June. Across the Channel, preliminary EMU’s Consumer Confidence is due, with -5.68 forecasted for the current month.
EUR/GBP important levels
At the moment the cross is up 0.01% at 0.7000 and a break above 0.7038 (high Jul.21) would expose 0.7068 (high Jul.15) and then 0.7202 (high Jul.13). On the other hand, the initial support lines up at 0.6963 (low Jul.22) followed by 0.6936 (low Jul.17) and then 0.6900 (psychological level).
EUR/GBP focus on UK data
Yesterday’s softer tone in the sterling during the second half of the session coupled with some EUR buying has collaborated in the recent upside from levels below 0.6970, although gains continue to be capped by the mid-0.70s for the time being.
Ahead in the day, UK retail sales will take centre stage, with consensus pointing to a monthly gain of 0.3% during June. Across the Channel, preliminary EMU’s Consumer Confidence is due, with -5.68 forecasted for the current month.
EUR/GBP important levels
At the moment the cross is up 0.01% at 0.7000 and a break above 0.7038 (high Jul.21) would expose 0.7068 (high Jul.15) and then 0.7202 (high Jul.13). On the other hand, the initial support lines up at 0.6963 (low Jul.22) followed by 0.6936 (low Jul.17) and then 0.6900 (psychological level).